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[ad_1] General view of the UBS building in Manhattan on June 5, 2023 in New York City. Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images UBS on Thursday posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse . Analysts had projected a net profit of $12.8 billion for the three months to the end of June, according to a Reuters poll. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. Underlying profit before tax, which excludes negative goodwill, integration-related expenses and acquisition costs, came in at $1.1 billion. Negative goodwill represents the fair value of assets acquired in a merger over and above the purchase price. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Two and a half months since closing the Credit Suisse acquisition,

[ad_1] Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Friday's key moments. 1. Wall Street saw some volatility Friday around Federal Reserve Chairman Jerome Powell's morning speech from the central bank conference in Jackson Hole, Wyoming. Powell said inflation is still "too high" and the Fed is "prepared to raise rates further" if economic data dictates it. No interest rate hike is expected at next month's Fed meeting, according to the CME FedWatch tool . There's a split in the market on whether we'll see one more rate hike before year-end. Currently, no action is favored. 2. The overall market remains oversold, according to Jim Cramer's trusted S & P Oscillator , but not as oversold as it was earlier in the week. We've been making strategic buys all week long. One day after a blowout quarter, we boosted on Thursday our Nvidia (NVDA) pr

[ad_1] The launch of Eli Lilly 's weight-loss drug Zepbound — a key pillar of our investment thesis in the pharmaceuticals giant — is going swimmingly in the U.S., Jefferies said Friday. Weekly Zepbound prescriptions totaled 7,700 in the week ended Dec. 8, its fourth on the U.S. market, according to Jefferies, which cited data compiled by health-care analytics firm IQVIA. That is more than Novo Nordisk 's Wegovy — currently the most popular obesity drug in the country — had in its fourth week after being approved in 2021, Jefferies concluded. "Zepbound has shown strong launch momentum in the weeks following its first prescription recorded," the analysts wrote in a research note. That's an encouraging finding for investors, given it will be more than a month before Eli Lilly reports earnings with formal revenue contributions from its much-hyped obesity drug. The Club holding typically reports fourth-quarter results in late January or early February. To be sure

[ad_1] Next week is one of the biggest of the year for health-care investors, and it has historically been a good time to own ETFs that track the industry. The 2023 JPMorgan Health Care Conference is set to kick off next Monday in San Francisco. The event features keynote speeches from the CEOs of Sage Therapeutics and Eli Lilly , as well as presentations from dozens of other health-care and biotech companies. The conference typically sees many companies preannounce quarterly results, revise outlooks and update investors about clinical trials. While those updates can break both ways for individual companies, they have recently been good news for the sector as a whole. Over the past five years, many of the biggest ETFs in health care and biotech have seen an average positive return in the first half of January, when the conference is typically held. The three funds below — the SPDR S & P Biotech ETF (XBI) , the Health Care Select Sector SPDR Fund (XLV) and the iShares U.S. Medi

[ad_1] Most analysts predict the market for new weight loss drugs like Wegovy and Mounjaro will be enormous, but estimates vary for its exact size depending on who you ask. On Monday, Citi raised its estimate for incretin drug sales to $71 billion by 2035, up from its prior estimate of $55 billion. That viewpoint seems really conservative when placed side by side with predictions like Guggenheim's. Last month, the firm made a case for there being a $150 billion to $200 billion opportunity for these drugs. Guggenheim analyst Seamus Fernandez's conviction comes from his belief that GLP-1-based incretins will become the most prescribed drugs ever by or before 2031. Not only do these drugs work well for managing insulin levels and helping patients lose weight, studies are underway to show their benefits for cardiovascular health, sleep apnea and chronic kidney disease to name a few. Fernandez expects $50 billion in GLP-1 sales will come from patients with diabetes as increti

[ad_1] As Wall Street on Tuesday attempted to hold onto recent gains, we received positive updates on two Club holdings that are seeing outsized moves to the upside: Danaher (DHR) and Constellation Brands (STZ). DHR 1Y mountain Danaher's 1 year stock performance Danaher is set to present at the JPMorgan Healthcare Conference on Tuesday afternoon. However, ahead of the event, on Monday evening, the life sciences and medical diagnostics company released its slide deck. In addition to providing a high-level look at what the company will look like after the separation of its Environmental & Applied Solutions business, it included an upward revision to fourth-quarter guidance. Shares jumped 4% on the positive revision. Some investors were concerned that management would preannounce weak earnings. Now, management sees core sales growth up in the high single-digit range. The increase can be largely attributed to better-than-expected performance in Cepheid's molecular diagnost

[ad_1] Business at GE Healthcare Technologies capped off 2023 on a strong note despite ongoing concerns about China. That coupled with management's upbeat view of this year propelled shares up more than 13% to over $83 each at session highs. That was their highest level since July 2023. The Club stock closed just under $82. Total revenue increased more than 5% year over year to $5.21 billion, beating analysts' expectations of $5.1 billion, according to LSEG. Adjusted earnings-per-share (EPS) of $1.18 exceeded the LSEG estimate of $1.07. Bottom line We always say expectations matter when it comes to earnings season. Sometimes a company can do everything right and deliver a strong quarter but see its stock fall because expectations had gotten a little ahead of themselves. That was Eli Lilly , which also reported earnings Tuesday. In other examples, the stock is down so much that it already anticipates a miss. When the company does miss but the results aren't as bad as fe

[ad_1] Hopes are sky-high for Eli Lilly's recently launched weight loss drug Zepbound. Investors will be tuning into the company's fourth quarter earnings call on Feb. 6, eager to hear more about how that rollout is going. One key statistic will be the number of commercial health insurers providing coverage of the drug, which was approved by the Food and Drug Administration on Nov. 8. Lilly also is expected to reveal its outlook for 2024 for the first time. Zepbound, a once-a-week injection, has only been available in pharmacies since early December, but the average analyst expects that the drug's sales reached $75 million in the fourth quarter, according to StreetAccount. More importantly, by the end of 2024, analysts expect sales to ramp up to $3.79 billion, then more than double to $7.83 billion by 2025. Those estimates have been creeping higher heading into Eli Lilly's report, and analysts see the potential for further upside when Lilly provides its outlook. &#

[ad_1] A customer enters Comerica Inc. Bank headquarters in Dallas, Texas. Cooper Neill | Bloomberg | Getty Images A trio of regional banks faces increasing pressure on returns and profitability that makes them potential targets for acquisition by a larger rival, according to KBW analysts. Banks with between $80 billion and $120 billion in assets are in a tough spot, says Christopher McGratty of KBW. That's because this group has the lowest structural returns among banks with at least $10 billion in assets, putting them in the position of needing to grow larger to help pay for coming regulations — or struggling for years. Of eight banks in that zone, Comerica , Zions and First Horizon might ultimately be acquired by more profitable competitors, McGratty said in a Nov. 19 research note. Zions and First Horizon declined comment. Comerica didn't immediately have a response to this article. While two others in the cohort, Western Alliance and Webster Financial , have "

[ad_1] David Solomon (centre), Chief Executive Officer of Goldman Sachs during an event attended by Prime Minister Rishi Sunak at the Business Roundtable during his visit to Washington DC in the US on June 8, 2023 in Washington, DC. Niall Carson | WPA Pool | Getty Images Goldman Sachs said Monday that it agreed to sell its personal financial management unit to a competitor named Creative Planning. The transaction is expected to close in the fourth quarter of this year and "result in a gain" for New York-based Goldman. The bank declined to disclose the sale price for its PFM business. Goldman acquired a team of about 220 financial advisors managing $25 billion in assets in May 2019, when it announced the $750 million acquisition of United Capital Financial Partners. At the time, CEO David Solomon heralded the deal as a way to broaden Goldman's reach beyond the ultra-rich clientele that is its main strength to those who are merely wealthy, with perhaps a few millio

[ad_1] CNBC's Jim Cramer called out General Electric as a winner in the industrial sector for the strides it's making in nuclear power. GE's Verona Nuclear Fuel business said Wednesday it received approval from the U.S. Nuclear Regulatory Commission to manufacture, ship, and analyze the performance of higher enrichment fuel. These "regulatory milestones" will help the company "innovate to help our customers run their plants even more efficiently and be ready to support the next generation of reactor technology," according to the press release . GE shares were trading about 2% higher on the news. GE YTD mountain GE stock performance year to date. "[General Electric] just keeps going higher," Cramer said Wednesday. While that's mainly due to demand for its aircraft engines, Cramer added that investors "love any way to be able to make nuclear fuel work." In November 2021, GE announced plans to split and form three publicly trade

[ad_1] AT&T Inc : "It's not as bad as it used to be." Plug Power Inc : "[CEO] Andy Marsh has promised us profitably for a very long time. ... My bountiful patience is beginning to get tried." Devon Energy Corp : "Keep buying." Disclaimer: Cramer's Charitable Trust owns shares of Devon Energy. Jim Cramer's Guide to Investing Click here to download   Jim Cramer's Guide to Investing  at no cost to help you build long-term wealth and invest smarter. [ad_2] Source link https://worldnews2023.com/business/cramers-lightning-round-i-like-juniper-networks/?feed_id=293300&_unique_id=65fe472c5df52

[ad_1] Eli Lilly has had a great run, but UBS expects about 16% further upside in the coming months as a steady stream of positive news propels the stock higher and revenue growth accelerates. Calling it the "best fundamental story" among U.S. large caps, UBS analyst Colin Bristow on Friday lifted his price target to $612 from $526. The stock has already gained 47% year to date, mostly on the back of lofty expectations for weight-loss drug sales. LLY YTD mountain Eli Lilly shares are up about 47% year to date. Bristow said the valuation is warranted due to Eli Lilly's expected five-year top-line compound annual growth rate of 18%, which is an outlier in the sector. A stocked pipeline By the end of this year, U.S. Food and Drug Administration approvals are expected for Mounjaro as an obesity treatment and for donanemab for Alzheimer's disease, Bristow said. While both of those drugs have received a lot of positive attention, Eli Lilly has other products in the pip

[ad_1] Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Thursday's key moments. Don't sell Meta Look past Eli Lilly's tough quarter Chance to buy Estee Lauder 1. Don't sell Meta Shares of Meta Platforms (META) soared more than 25% Thursday morning, to $192.50 apiece, after the tech giant reported a fourth-quarter earnings beat Wednesday evening and announced a $40 billion stock buyback plan. The quarter was exactly what we had been waiting for, as the company demonstrated it's serious about controlling costs. CEO Mark Zuckerberg on Wednesday called 2023 "the year of efficiency," while lowering Meta's 2023 expenses outlook by $5 billion. We're holding onto our shares of Meta and expect the stock to move even higher, if Zuckerberg follows through on his promise to rein in spending. 2. Look past Eli Lilly's tough quarter Eli Lilly (LLY) stock was down

[ad_1] The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023. Patrick T. Fallon | AFP | Getty Images Paramount Global shares jumped more than 5% on Friday after an investor known as Warren Buffett's favorite banker piled into the media company's controlling shareholder. National Amusements, Paramount's majority voting shareholder, announced Thursday afternoon that it has entered into an agreement for a $125 million preferred equity investment by BDT Capital Partners. Stock Chart Icon Stock chart icon Paramount Some Buffett watchers noticed a curious connection with the news. BDT Capital's chairman and co-CEO is Byron Trott, who has long been known as Buffett's preferred and trusted banker. It was Trott who suggested that Buffett put a $5 billion lifeline in Goldman Sachs during the 2008 financial crisis. The connection didn't end there. Buffett's Berkshire Hathaway is actually Paramount's b

[ad_1] A worker cleans the exterior of a First Republic bank on April 26, 2023 in San Francisco, California.  Justin Sullivan | Getty Images Regulators took possession of First Republic on Monday, resulting in the third failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. JPMorgan Chase , already the largest U.S. bank by several measures, emerged as winner of the weekend auction for First Republic. It will get all of the ailing bank's deposits and a "substantial majority of assets," the New York-based bank said . JPMorgan is getting about $92 billion in deposits in the deal, which includes the $30 billion that it and other large banks put into First Republic last month. The bank is taking on $173 billion in loans and $30 billion in securities as well. The Federal Deposit Insurance Corporation agreed to share losses on mortgages and commercial loans that JPMorgan assumed in the transaction